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At a minimum, we will need a copy of your current estate planning documents, and a personal financial statement, aka a list of your assets and liabilities. Ideally, we would be provided with the following or be informed of where to find the following when the time comes that we need to act:

1. List of Assets: Detailed information about trust assets, including bank accounts, real estate, investments, and personal property.
2. Contact Information: Names and contact details of important contacts such as attorneys, accountants, financial advisors, and insurance agents.
3. Financial Statements: Recent statements for bank accounts, retirement accounts, investment portfolios, and other financial assets held by the trust.
4. Deeds and Titles: Copies of deeds for real estate and titles for vehicles or other titled property.
5. Insurance Policies: Information on life insurance, disability insurance, long-term care insurance, and other relevant policies.
6. Tax Returns: Copies of recent federal and state income tax returns and any other relevant tax documents.
7. Digital Assets: Access information for digital assets, including online accounts, social media, and digital property.
8. Safe Deposit Box: Location and access information for any safe deposit boxes, along with a list of their contents.
9. Funeral Arrangements: Preferences or pre-arrangements for funeral services, if any, which may be funded by the trust.

However, we understand that this is a significant amount of information, and it is subject to change each year. Many clients who name us in their estate plan like to provide us with updated information each year. The amount of information you are willing to provide your Lake Ridge Bank Trust Officer is up to you, but we are best able to serve you if we are given as much information as possible. If you ever update or amend your estate planning documents in the future, we will need the updated documents.  

No, it is not a requirement for you to move your banking relationship and investment relationship to Lake Ridge Bank. However, we believe it would be beneficial for you to do so.

• First, you will likely be retitling accounts and updating beneficiary designations and reviewing/consolidating assets as you are finalizing your estate plan. This is a great opportunity for you to close accounts and even consider moving accounts to the institution that will be handling your affairs after you pass away and/or if you are ever deemed incapacitated.
• Second, if you have named Lake Ridge Bank as your successor trustee or personal representative and want to move your banking relationship to Lake Ridge Bank, as long as we remain named in your document, you will have the opportunity to work with our Executive (aka Private) Banking team. Our Executive Banking department provides you with personalized financial and investment services and products from a dedicated personal banker. They will be able to assist you in the transfer of direct deposits, and with any automatic withdrawals you may currently have set up.
• Third, if you decide to move your brokerage account(s) and/or retirement account(s) to Lake Ridge Bank, you may be eligible to receive a discount for your post death administration fees. Ask your Trust Officer for additional information if this would be something you’re interested in doing.
• Finally, if you open an account with our Wealth Management Team, you will be able to work with one of our Financial Advisors as a complimentary service.

   

Our fees depend on what role we have in your estate planning documents. We are happy to discuss our fee schedules that pertain to your specific plan via phone or in person.

While you do not need to discuss the terms with us ahead of time, we highly recommend that you do. Your attorney has likely provided you with excellent legal advice, but we are always happy to talk through the very practical outcomes of the terms you include or exclude in your documents. Many clients have said that they were very happy that they discussed the terms they wanted to include in their trust with us before signing so they could make some slight tweaks, or to just have peace of mind that their terms would be carried out exactly how they intended.

Lake Ridge Bank is willing and able to serve as both trustee and personal representative, so you can name us in your trust or Will. Regarding if you need a trust or a Will, we highly recommend you speak with your drafting attorney about this question, as they will be able to advise and guide you as to which plan is best for you.